Top Startup Investors in San Marino (2026)
San Marino's startup investor pool is small, and it includes local firms such as SM Capital, Vision Labs and Yawili Ventures, plus outside backers like Azimut Digitech Fund, CRIF, PayU, Abalone Group and angel investor Federico Ghizzoni. Several of these backed San Marino fintech BKN301. Often called the "microstate with a macro vision", San Marino is slowly building a startup ecosystem in Southern Europe.
To help you pick the investor that fits your startup, we filtered the list down to the top 8 startup investors in San Marino. San Marino is an enclave inside Italy, so AngelMatch also lists 900+ investors in Italy that you can filter by stage, market and type.
Who Are the Top 8 Startup Investors in San Marino?
Here is a list of the top startup investors in San Marino. These investors take part in funding rounds, but San Marino is still in a growth phase and big rounds can be hard to secure. Many of the larger checks come from Italian and Swiss investors rather than local ones.
SM Capital
SM Capital is a venture capital and investment advisory firm based in San Marino. It focuses on fintech and industrial companies and works with fast-growing markets. The firm was founded by Stiven Muccioli, who is also co-founder and CEO of BKN301, and has offices in London, San Mateo, Milan and Doha.
Website: Sm Capital
Founded: 2021
Preferred Industries: Fintech and industrial
Notable Investments: BKN301, Rent2Cash, and Aidatify
Vision Labs
Vision Labs is a venture capital firm headquartered in San Marino. It has invested in business and productivity software startups, including Loyi, and co-invests with funds such as Startup Wise Guys and ICT Hub Venture.
Preferred Industries: Business and productivity software
Notable Investments: Loyi
Yawili Ventures
Yawili Ventures is a venture capital firm headquartered in San Marino. Its website says it invests in ideas, but it does not publish its sectors, stages or fund size, so reach out to the team directly to learn what it funds.
Website: Yawili Ventures
Federico Ghizzoni
Federico Ghizzoni is an Italian angel investor and the former CEO of the Italian bank UniCredit. He has backed startups since at least 2020, mostly in financial services, and he joined the 2022 Series A round of San Marino fintech BKN301.
If you are building in fintech and want an investor with decades of banking experience, he is a name worth researching.
Preferred Industries: Financial services and fintech
Notable Investments: BKN301 and MDOTM
Azimut Digitech Fund
Azimut Digitech Fund is an Italian venture capital fund launched in 2020 by Azimut with the startup platform Gellify. It is managed by Azimut Libera Impresa SGR and has a 7-year life and a €50M target. The fund invests mainly in Italian B2B software startups working in AI, IoT and Industry 4.0, cybersecurity and blockchain. It backed San Marino's BKN301 in both its Series A and Series B rounds.
Website: Azimut.it
Founded: 2020
Preferred Industries: B2B software, AI, IoT, cybersecurity, and blockchain
Notable Investments: BKN301 and Sellrapido
CRIF
CRIF is a global company based in Bologna that specializes in credit and business information systems, analytics, outsourcing and processing services. It is not a traditional VC firm, but it invests in fintech startups and took part in San Marino's BKN301 in its Series A and again in its Series B.
Website: CRIF
Preferred Industries: Fintech and financial services
Notable Investments: BKN301
PayU
PayU is an online payment provider operating in 50+ emerging markets and part of the Prosus group. It is a strategic corporate investor rather than a VC firm, and it joined San Marino's BKN301 Series A round. It is a good fit for payments and fintech founders who want an investor that understands emerging markets.
Website: PayU
Preferred Industries: Payments and fintech
Notable Investments: BKN301
Abalone Group
Abalone Group is an international financial hub and wealth-management firm with operations in Switzerland and Malta. It led the €15M Series A round of San Marino fintech BKN301 in 2022 and participated again in its Series B. It specializes in individual and collective asset management, financial engineering and investment planning.
Website: Abalone Group
Founded: 2015
Notable Investments: BKN301
What Does a San Marino Funding Round Look Like?
The best-known example is BKN301, a San Marino banking-as-a-service fintech. It raised a €15M Series A in 2022, led by Abalone Group with PayU, Azimut Digitech Fund, CRIF and others, and a €21.5M Series B in 2025 that added CDP Venture Capital and SIMEST. It is a single case, not a typical round, but it shows that San Marino startups tend to raise from Italian and Swiss investors rather than only local ones.
How To Make Your Startup Investable?
Preparing to appear in your first investor meeting is a challenge, because you need to understand the pain points and everything that has to be explained.
In our language, we call it "The Checklist of Making a Business Investable and Seem Profitable."
Showing up to a presentation without a clear idea of what your startup can achieve is the worst of ideas. Here is the checklist to follow to make your business look investable.
Have Clear and Attainable Business Goals
Show Your Startup Has Made Traction
Demonstrate the Market Fit for Your Product Through Market Research
Build Your Team
Present a Strong Sales Pipeline
Define Startup Fundraising Goals
Show Momentum Projections
Come Up with a List of Investor's Possible Objections
Network to Soft Sell Your Startup Idea
Create a Compelling Narrative to Tell Your Story
Build a Persuasive Pitch Deck
Build Social Proof
Include a Cap Table
Take Care of Copyright and Legal Issues
Offer Incentives Beyond Equity
With so few investors in San Marino itself, warm introductions matter even more. Our guide on how to get a warm introduction to investors explains how to get in front of the right people.
Where Else Can You Find Investors for a San Marino Startup?
Because San Marino sits inside Italy, Italian and Swiss investors are the natural next step. Browse our guides to the top angel investors in Italy and the top VC firms in Switzerland. Since fintech is the most common focus among the investors above, you can also filter the database for fintech investors.
Wrap-Up
That completes our list of the top startup investors in San Marino. Before you reach out, spend a few hours researching each investor's mindset and past deals. It greatly improves your chances of securing an investment. When you are ready, our investor outreach email generator can help you draft the first message.
Frequently Asked Questions
Who are the main startup investors in San Marino?
San Marino-based investors include SM Capital, Vision Labs and Yawili Ventures. Most larger checks come from outside the country, including Azimut Digitech Fund, CRIF, PayU, Abalone Group and angel investor Federico Ghizzoni, who all backed San Marino fintech BKN301.
Are there angel investors in San Marino?
Few are publicly known. San Marino has a population of roughly 34,000, so the local pool is small. Italian angels such as Federico Ghizzoni have invested in San Marino startups, which is why many founders also look to Italian angel networks.
What sectors do San Marino investors focus on?
Fintech leads. SM Capital focuses on fintech and industrial companies, and BKN301, the best-known San Marino startup, is a banking-as-a-service fintech. Azimut Digitech Fund backs B2B software, and Vision Labs has backed business and productivity software startups.
How much can a San Marino startup raise?
There is no standard figure. BKN301 raised a €15M Series A in 2022, led by Abalone Group, and a €21.5M Series B in 2025. That is a single case, not a typical round, and it drew Italian, Swiss and other international investors.
Where can I find more investors for a San Marino startup?
San Marino is an enclave inside Italy, so Italian investors are the natural next step. AngelMatch lists 900+ investors in Italy that you can filter by stage, market and investor type.
